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Chipmaker Hailo raises $120 million on AI boom

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Israel-based chipmaker Hailo raised $120 million in a new funding round, valuing it at $1.2 billion, and launched a high-performance generative AI chip, the company announced Tuesday .

The fundraising was led by existing and new investors, including the Zisapel family, construction tools supplier Comasco and online venture investment platform OurCrowd, among others. The latest round brings the total investment to more than $340 million since Hailo’s inception in 2017.

“We hope to use the new funds to accelerate our growth and execute our roadmap more quickly. Based on this and given the good market conditions, our goal is to become a publicly traded company,” said Orr Danon, CEO and co-founder of Hailo. Reuters, without giving details on the timetable.

Investors have increasingly backed AI startups since the launch of OpenAI’s ChatGPT, betting on the potential benefits of growing adoption of the technology that could challenge industry leaders and accelerate innovation.

Hailo, which has more than 300 customers worldwide including Schneider Electric, Dell Technologies and ABB, offers products such as AI accelerators and an AI software suite.

The chipmaker announced that it has launched the Hailo-10 high-performance generative AI accelerator, which will help users run GenAI applications locally without registering for cloud-based GenAI services, and that it would begin shipping samples of it in the second quarter of this year.

“Whether users use GenAI to automate real-time translation…generate software code or images and videos from text prompts, Hailo-10 allows them to do it directly on their PC or other cutting-edge systems, without overloading the processor,” Danon said. in a report.

Hailo-10’s first applications will target personal computers and automotive infotainment systems, boosting the processing capabilities of central processing units (CPUs), Hailo said.

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